{"id":17596,"date":"2025-01-17T22:15:06","date_gmt":"2025-01-17T22:15:06","guid":{"rendered":"https:\/\/heyerinc.com\/2025\/01\/17\/kpi-setting-in-2025-for-boosting-your-southeastern-fl-business\/"},"modified":"2025-01-17T22:15:06","modified_gmt":"2025-01-17T22:15:06","slug":"kpi-setting-in-2025-for-boosting-your-southeastern-fl-business","status":"publish","type":"post","link":"https:\/\/www.heyerinc.com\/blog\/2025\/01\/17\/kpi-setting-in-2025-for-boosting-your-southeastern-fl-business\/","title":{"rendered":"KPI Setting in 2025 for Boosting Your Southeastern FL Business"},"content":{"rendered":"
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Trust, I would argue, is the most important<\/i> pillar in my relationship with my Southeastern FL clients. Your financials aren\u2019t to be taken lightly. When it comes time to put them in someone else\u2019s hands, you have to know that those hands won\u2019t falter.<\/span><\/p>\n

And after the recent Bench Accounting closure, I wouldn\u2019t blame you if your trust is somewhat shaken.<\/span><\/p>\n

On December 27th, <\/span>Bench Accounting abruptly announced its closure<\/span><\/a> \u2013 locking customers out of their accounts and giving them until March to transition all of their documentation to a new bookkeeping service. <\/span><\/p>\n

Since then, Employer.com has acquired Bench and is promising continuity of service and platform stability (for the juicy details, read all about it <\/span>here<\/span><\/a>). <\/span><\/p>\n

So, here\u2019s my life-raft extension to you: If you are a Bench client and now want to take your accounting local, please reach out. My team and I are glad to assist you in getting everything transitioned over \u2013 because right now, you need<\/i> to have everything in order to be prepared for filing. <\/span><\/p>\n

And as part of that preparation, here\u2019s your friendly (but urgent) reminder to start preparing your <\/i><\/span>1099s and W-2s<\/i><\/span><\/a>, as they need to be in your employee\u2019s hands by January 31st. <\/span><\/p>\n

Start working on these now. (Or, if your plate is full at the moment, let my team do it for you). <\/span><\/p>\n

Perhaps, in the spirit of the new year, you could set a goal for yourself here: Getting your 1099s and W-2s prepared by the second or third week of January. Focus on how you can make this month<\/i> (not the whole year) count. Then, when February comes, focus on what you can achieve in those<\/i> 28 days. Because that\u2019s how annual goals are actually achieved \u2013 one month, one week, one day at a time.<\/span><\/p>\n

Another way you can make the most of this month? Making your goals measurable<\/i> through Key Performance Indicators (KPIs). <\/span><\/p>\n

When it comes to your business goals, it\u2019s easy to get sidetracked \u2013 you can waste time pursuing a goal that\u2019s too vague, or that doesn\u2019t fully align with your overall vision. KPIs use a top-down approach to keep you in line with your core objectives and<\/i> help you find the most strategic starting point. <\/p>\n

KPI Setting in 2025 for Boosting Your Miami Metropolitan Business<\/strong><\/span>
\u201cI was taught that the way of progress is neither swift nor easy.\u201d \u2013 Marie Curie<\/i><\/span><\/p>\n

Let\u2019s say one of your 2025 business goals is to increase profits by 25 percent. After you\u2019ve concretely defined that goal, you map out the specific actions you and your team need to take. <\/span><\/p>\n

A lot of teams will stop there. But you really need to go a step further. Quantify those steps with plain-as-day numbers that will tell you how well you\u2019re really doing \u2013 your KPIs.<\/span><\/p>\n

A Key Performance Indicator (KPI) is a measurable<\/u> <\/i>milestone <\/i>that shows your Southeastern FL business\u2019s journey toward a specific goal. And by measurable, I mean objective, can\u2019t-argue-with-that numbers that tell how close or far you are from your goal. <\/span><\/p>\n

Good so far? Now, let\u2019s start with understanding different types of KPIs, so you can know in which places your business should be looking to set goals \u2013 maybe even ones you weren\u2019t thinking about\u2026<\/span><\/p>\n

Strategic KPIs<\/u> <\/i>are big-picture snapshots of how your business is performing (like your total revenue). <\/span><\/p>\n

Operational KPIs<\/u><\/i> focus on shorter time frames (daily or monthly) to provide actionable insights. They help you understand less-than-ideal results in your strategic KPIs.<\/span><\/p>\n

Functional KPIs<\/u><\/i> are department-specific and can be either strategic or operational. <\/span><\/p>\n

Lagging and leading KPIs<\/u><\/i> tell you what kind of data you\u2019re dealing with \u2013 lagging indicators look at past achievements (like last quarter\u2019s sales), showing what was accomplished. Leading indicators measure proactive steps that are expected to drive future achievements (like a service or product line that you haven\u2019t brought out yet).<\/span><\/p>\n

Knowing which KPIs to set for your business can be difficult \u2013 because they\u2019re uniquely tailored to your specific goals and the nuances of your industry. And even before that, you have to know which areas need change and improvement and what that would look like. <\/span><\/p>\n

So, here are a few common ones. Keep in mind, that these are just a baseline to help you figure out how KPIs can work for your business. <\/span><\/p>\n

Financial<\/u>:<\/span>
– Gross profit margin: This measures how much your company retains after covering the cost of goods sold. AKA business revenue minus cost of goods sold divided by total revenue. <\/span>
– Net profit percentage: This is your net profit divided by total revenue, multiplied by 100 (better dust off the calculator). <\/span>
– Accounts receivable turnover, aka, how long it takes your customers to pay you. <\/span><\/p>\n

Operational<\/u>:<\/span>
– Employee productivity: How much revenue does each employee bring in? <\/span>
– Turnaround time, from order until delivery.<\/span><\/p>\n

Customer-focused<\/u>:<\/span>
– Customer retention rate \u2013 the percentage of customers that come back for more.<\/span>
– Net promoter score: How likely your customers are to recommend your business.<\/span><\/p>\n

Again, this list is just to get you started. Business KPIs need to be specific to you and your 2025 business goals. Remember: You\u2019re setting the mile-markers that ensure you\u2019re making meaningful<\/u><\/i> and profitable<\/u><\/i> progress. <\/span><\/p>\n

Make a plan<\/strong><\/span>
To set your KPIs, you\u2019ll need to work backward: Start with your end goal, and from there, break down the steps required to make it happen. Take a look at this example:<\/span><\/p>\n

Your goal<\/u>:<\/i> A hundred bucks in income by the end of the next six months.<\/span><\/p>\n

Work backward<\/u>:<\/i> How will you get the hundred bucks? You\u2019ll have to hire two new people, who will take two months after<\/i> training to bring in that hundred in new clients or sales. And before that, it\u2019s going to take them three months to get up to speed. <\/span><\/p>\n

How will you hire the two new people? You\u2019ll have to interview about half a dozen people to find each new hire, which will consume about a month\u2019s time. Then, you\u2019ll have to train them. <\/span><\/p>\n

How will you find the candidates? You\u2019ll have to place ads and review applications.<\/span><\/p>\n

So, working back from your original goal (100 dollars in income) you now have action steps: Place hiring ads, interview 12 people, train your two new hires, and put them to work. <\/span><\/p>\n

A few of your KPIs in this case are:<\/span><\/p>\n